Real Estate Development

When Schuylkill Yards was first announced – Brandywine Realty Trust’s proposal to turn 14 acres of largely empty, Drexel University-owned land between the college and 30th Street Station into 7 million…

At its second-to-last meeting before the summer recess, City Council made minor amendments only to its budget proposal and to construction-tax legislation, two of the biggest pieces of unfinished business on…

ABOUT REAL ESTATE DEVELOPMENT

Though it often has a negative connotation, development represents the absolutely crucial element of demand to use the urban form. Once completed, the development project ends up helping to define the built environment for future generations. Without development, there would be no city to plan. Despite the stigma often attached to it, development can meet both community needs and earn a profit when its design and program contributes to the larger urban framework.

It is important that development be regulated so that it supports the public health, safety, and welfare of a neighborhood, though this can be difficult to achieve today given the pressures facing the public sector due to rising social services needs and decreasing tax bases. Private developers often have leverage in these cases, which can lead to some unhealthy compromises that negatively affect our built environment. It is possible for development to be over-regulated, which often discourages investors from investing in particular cities. Philadelphia is often seen as a city that has outdated local controls, which in turn delays the development approval process. However, the re-zoning process currently underway by the Zoning Code Commission should go a long way in addressing this. The goal is to set standards that encourage a balance of public good and private development.